finansal kapital_gazi
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8/14/2019 Finansal Kapital_Gazi
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CJWN \J QN_N NFNB[FGJ LFNFT INQWNB
(>=51 T`frnt ]nnfnf Ji`f`cmibmimbjr mf Wj`rmi Omr jrj|j-+ /++
Oz cninbj @GWZbztbnrnrntiwmtnwI`ferjtmfj (J}bb >==5- tzfzbczwzr&
Cjwmf gnhn t`frn Ji`f`cmi ]nibnc gjremtmfgj }n}fbnfcwrJrdnf"L(>=1=8- Cjwn |j Qnrn Nfnbm{mfgj Lmfnft Inqmwnb (>=51 T`frnt ]nnfnf Ji`f`cmibmimbjrmf Wj`rmi Omr jrj|j-Ji`f`cmi ]nibnc" En{m fm|jrtmwjtm iwmtnw Obc"
dmbw 8" Tn} ?5& >==8&
Lznw Jrdnf+++
M& Emrm
>&>=51bjrgjf mwmonrjf gf}n ji`f`cmtmfgj onbn}nf gjmmcozfnbc jmbmcbjrmfgj"qnrntnb gjmijfbjr ojbmrbj}mdm `bcn}n onbncwr& Ozfnbcf nn ifgn ojbmrbj}mdm `bnf
qnrntnb gjmijfbjr" ozfnbcn inr ejbmwmrmbjf owftjb }jfm cjinfm{cnbnrgn `i gnhn
fjcbm omr gm{m }jfm mbj| }ibjfcmwmr& Irm{ |j }jfmgjf }nqbnfcn trjdm" n}f {ncnfgn
ji`f`cmi mbmimbjrgj trjejbjf e mbmimbjrmfmf gj lnribbnnrni gjmcjtmfj }`b ncwr&
Qnrn in|rnc |j g`bn}t}bn qnrn#tjrcn}jtmfmf ojbmrbj}mdm `bgzz omr gfjcgj" e
mbmimbjrmfmf wnfcbnfcntfgn qnrn#tjrcn}jtm {jb omr fjc in{nfcwr& E mbmimbjrmfmf
nfnbm{m mmf fjcbm omr in|rncbnwrcn `bnf lmfnft#inqmwnb in|rnc" oz fjcmfj inrbiningjcmi gf}ngn ejfjbbmibj qji ln{bn gmiinwj nbfcnc }n gn lmfnft inqmwnb in|rnc"
lmfnftnb izrzbzbnr mlngj jwcji mmf izbbnfbcwr&> Gmjr }nfgnf cnritmtw }n{f mtj" in|rnc
gnhn `i onfin mbj jfgtwrm}jb tjrcn}j nrntfgnim owfbjcjbjr g`bn}cfgn Hmbljrgmfemf
}n gn Bjfmfmf izbbnfg nfbncgn izbbnfcn}n gj|nc jwcmwmr& Lmfnft#inqmwnb in|rncff
ningjcmi |j cnritmtw }n{fgn qji ln{bn gmiinwj nbfcncntff omr `i fjgjfm `bcnibn
omrbmiwj" hjr mim jbj nb ntfgnf `rwni `bnf jmbmc" ji`f`cmi mbmimbjrmf nfnbm{mfgj
ncqmrm{cmf ojbmrbj}mdm `bcntgr& @}tn lmfnft#inqmwnb in|rncff nfbnbr `bcnt mmf"inqmwnbmtw ji`f`cmi mbmimbjrgj ojbmrbj}mdm `bnf qnrn mbj cjwn nrnt mbmimbjrmf" gjjr in|rnc
g`bn}cfgn }jfmgjf wnfcbnfcnt" }nfm t`}zwbncn g`bn}cfgn tmtwjcj mimf `bnf
cjinfm{cnbnrf" mtjb mbmimbjrmfmf nn inrbcnt ejrjim}`r& O}bj omr non" t`fzwn cjwn
+Oz cninbj" @GWZbztbnrnrntiwmtnwI`ferjtmfj (J}bb >==5- tzfzbczwzr&++nbcn} {ncnf n}rnrni gmb |j mjrmj mbmimf fjrmbjrgj ozbzfnf tj|embm Fzrdnf {inqbnfn wjjiir jgjrmc& Hmiziztz{" }n{gnim jitmi |j hnwnbnr onfn nmwwmr&+++]nrg& G`& Gr& Cnrcnrn fm|jrtmwjtm" iwmtnw Obc&
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mbj qnrn nrntfgnim mbmimbjrmf `i gnhn t`czw ommcm `bnf tjrcn}j omrmimcmfmf t`t}nb#w`qbnc
trjdm mmfgj jbj nbfcntfn `bnfni |jrjdjiwmr&
?&Inqmwnbmtw ji`f`cmgj (w`qbzctnb mbmimbjrgj- qnrntnb gjmijfbjr" `bgzin ojbmrbj}mdm
`bcntfn inrf" t t}nb ombmcbjrmf qnrn `beztzfn qji ln{bn tdni onicngf t}bjcjcm{ejrjim}`r&? T`t}nb ombmcbjrgj trjejbjf mobcfj erj" qnrn in|rnc" miwmtngf jejcjfbmi
nbnffn ornibcwr& Qnrn `beztzfzf ejfjb ejjr miwmtngf jejcjfbmi nbnffgnim i`fzcz mtj
g`rztzfz t}bjcji ejrjimrtj hjq t`rzfbz `bczwzr& J& Nbw|nwjrmf hnib `bnrni |zrezbng
emom" wj`rmi ngnf qnrn mbj zrnnfbnr" ejfjbbmibj }n qnrnff wnrmhm }n gn mbj|bjrm {jrmfgj
}`zfbnc" qnrnff ijfgmtmfm omr nrnwrcn fjtfjtmfj gfwrcjcmbjrgmr (Nbw|nwjr" >==4"
8=-& Qnrn in|rncff nfbnbcncntff hjc fjgjfm hjc gj t`fzdz `bcntfgn" qnrnff
ji`f`cmi mbmimbjrj gtnb `bgzz }ffgjim |zrez ojbmrbj}mdm jwijf `bczwzr& O}bj omr|zrezfzf {fgj" jejcjf miwmtngf wjcjb nbg `fw`b`kmi |j jqmtwjc`b`kmi ejrjibmmf
ojbmrbj}mdmbmm `bgzzfz t}bjcjcm{ ejrjim}`r& Ejfjb ejjr miwmtngf qnrn}n mbmimf
nfnbm{bjrmfgj ejjrbm `bnf `fw`b`kmi |j jqmtwjc`b`kmi wjcjbbjrm nfnbm{ jwcji oz nbcnff
tfrbnrf ncnibn omrbmiwj"4 zfzf ojbmrwmbcjtm ejrjimr im" miwmtnw gmtmqbmfmf qnrnff rjjb
ji`f`cmi mbj}mj gtnb `bgzz }ffgjim nibncntfn }`b nnf jqmtwjc`b`kmi |zrez" n}f
{ncnfgn" inqmwnbmtw w`qbzctnb mbmimbjrmf ejfjbgj owftjb (h`bmtwmi- nfnbm{mfj `bnfni
|jrcj{ijf" {jb `bnrni gn qnrn mbj cjwn nrnt
fgnim mbmimbjrmf nfbn
bcnt
f
fbjcmwmr& Omrngc gnhn nwndni `bzrtni" cjwn mbj qnrn nrntfgnim {j mbmimf mtjb mbmimbjr {jrmfgj
}`zfbncn}nf ejfjb ejjr nfnbm{" inqmwnbmtw ji`f`cmgj gnhn t`czw g{bjcgj nn inf
ji`f`cmi mbmimbjrmf wn}dbnr" j}bj}jfbjrmf (nejfd}- qnrn |j cjwn mbj `bnf mbmimbjrmfmf
nfnbm{mfmf }nqbcntfn `bnfni |jrcjcmwmr& Omrn{ gnhn nndni `bzrtni" >=81bm }bbnrgnf
mwmonrjf nrwnf `rnfgn ojbmrbj}mdm `bnf lmfnftnb hnrjijwbmbmm ejfmbjcj}m nfnbm{ jgjf jbj
nbbnrgn ojbmrbj}mdm `bnf jmbmc" lmfnftnb gmfncmibjrmf rjjb gmfncmibjrgjf t`}zwbnfnrni jbj
nbfcntgr& Lmfnftnb ejfmbjcjfmf wn}dbnr" }nfm om{mc nngn mnrjw jgjdjmcm{ nfnbm{
mmfgj qnrn inqmwnbmtwbjrm mbj cjwn rjwmcmfm ejrjibjwmrjf rjwijf inqmwnbmtwbjr nrntfgnim
mbmimbjr" tmtwjcmf mtjb mbmimbjrm g`bn}cfgn jbj nbfcng bgj" omromrbjrmfgjf i`qzi"
omromrbjrmfj inr `bnf mim ejrjibmi `bnrni nfnbm{ jgmbcmwmr& `i gnhn fjcbmtm" oz wr omr
nbebncn wnr{fn gn }`b nnf omr gmjr cjw`g`b`kmi }fjbmc" ji`f`cmi mbmimbjrj mbmimf
t`fzbnr ncqmrmi omr |jrm wnonf `bnrni jbj nbnrni" oz t`fzbnr }mfj omr gmjr ji`f`cmi
mbmimbjrmf t`fzdz `bnf |jrmbjrbj nibncn jmbmcm jejcjf omr nfnbm{ ommcm `bczwzr& Oz
}fgjim nfnbm{bjrmf" t`f }bbnrgn }nnfnf trjdm nfbncnc{ fbj}jf fjcbm cjw`g`b`kmi
ncn{bnr bgzzfzf ojbmrwmbcjtm ejrjim}`r&7
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4&Oz nbcngn" ningjcmi gf}nff qji ln{bn qrmc |jrcjgmm" gnhnt tjttm{ inbg
Cnrxf inqmwnbmtw mbmimbjrmqnrn#cjwnnrnt mbmimbjr gjjrmbmimbjrm g`rzbwztzfgnim nfnbm{mfm
wjcjb nbnrni" >=51bm }bbnrgnf mwmonrjf onbn}nf gfc trjdmfm nfbncnc{
i`bn}bnw
rndn
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gfgc{ lmfnft#inqmwnb in|rnc
f
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cbn}ndn
{& Ozrngnlmfnft#inqmwnb in|rncff }jfmgjf l`rcbj jgmbcjtmfgj" lnrib `bnf wjcjb |zrez" in|rncf
jcji#gjjr wj`rmtmfgjf hnrjijwbj nfnbm{ jgmbcj}j nbbcntgr& nbcnff mbi obcfgj"
oz nfbncgn qnrn mbj cjwn nrnt mbmimbjr mrgjbjfjdji& bi obc m{bj}jf obcgj" qnrn mbj
cjwnf gnhn owftjb omr trj `bnrni tjrcn}j omrmimc trjdmfgj nbg ommcbjr" |j
lnribbnnf mbj|bjr {jrmfgj gzrzbndni& fd obcgj mtj" tjrcn}j omrmimc trjdmfmf
zbnw nncn}n onb `bnrni" lmfnft#inqmwnbmf gjjrmf lnrib ommcbjrm {jrmfgj i`fwr`b izrcn
nfbnc
fgn " omr e ob`z `bnrni lmfnft#inqmwnb in|rnc
{jrmfgj gzrndn
{& T`f obcgj mtjwnfcbngc{ in|rnctnb jrj|j ntfgnf >=51bjrm nfnbm{ jwcj}j nbndn{&
MM& Gjjrmf Nn i Ommcm @bnrni Qnrn |j Cjwnff Owftjb Nfnbm{m
7&Lmfnft inqmwnb in|rncff nfbnbcnt mmf" cjwn |j qnrnff gjjr mbj `bnf mbmimtmfmf
wnfcbnfcnt ejrjim}`r& Lmfnft inqmwnb in|rnc" t`czw g{bjcgj omr e ob`z |j gjfjwbjcj
mbmimtmfj rjljrnft `bnrni izbbnfb}`rtn" oz e |j gjfjwbjcjfmf in}fnfgn tjrcn}jfmf
w`qbnc t`t}nb gfetfgj gjjrmf nn iw ommcbjr `bnrni cjwn |j qnrn {jrmfgj
jejcjfbmi" |j oz jejcjfbmmf |nrb mmf tjrcn}j omrmimcmfmf owftjb `bnrni zbncnt
ejrjijf omr nncngnf onhtjwcjcm{ ejrjimr& O}bjdj lmfnft inqmwnb in|rnc" tngjdj t`czw
trj `bnrni onfin |j jfgtwrm tjrcn}jtmfmf owfbjcj jmbmcmfm mnrjw jwcjibj inbcn}ndni"
omr owf `bnrni tjrcn}jfmf w`qbnc gfetfgj" gjjrmf nn iw ommcbjr `bnf cjwn |j
qnrn {jrmfgj omrj}tjb tjrcn}j |j}n tjrcn}jbjr nrnt mwwmlnif ojbmrbj}mdm `bgzz gzrzcz
etwjrjf omr in|rnc `bnrni izbbnfbndniwr&
Ejfjb ejjr miwmtnw }n{ffgn" qnrnff wjcjb mbj|m" ji`f`cmi mbmimbjrj nrndbi jwcjtmgmr&
Oz nfbncgn gn ji`f`cm}j gtnb omr gjmijf `bnrni nfnbm{j gnhmb jgmbmr& Qnrn in|rncf
nfnbm{ jgjrijf" ejfjb ejjr miwmtnw ejfjbbmibj n}f cjwnl`rz izbbnfcwr& Jejcjf ji`f`cm
gf ejbjfjmfgj" ji`f`cmi mbmimbjrm mbj}jf omr cnimfj" qnrn mtj oz cnimfjfmf gnhn m}m
mbjcjtmfm tnbn}nf |j gnrgnf i`fzbnf }n `bnrni etwjrmbcmwmr& G&Hzcj |j K&T&Cmbbgjf
t`frn I&Umditjbb gj `bgzin fjcbm `bnf nbcntfgn" n}f rfjm jbj nbnrni qnrnff
ji`f`cmgj }jrmfj ejwmrgmm l`fitm}`f mbj }nf cnimfjgj }jrmfj ejwmrgmm l`fitm}`fzf ojf{jr
`bgzzfz |zrezbnc |j gj|ncbn oz ojf{jwcjfmf `bgzin z}ezf `bgzzfz ojbmrwcmwmr&
I&Umditjbb nbcntfgn ojf{jwcjfmf fjgjfmfm gmbj ejwmrmr9 }n cnimfjfmf omr qnrnt
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gjmbgmr" ` fj cnimfj}m hnrjijwj ejmrjf e" fj gj trjdm t fn jrgmrjdji omr nrnwr"
wncncjf ejbmwmrmbcm omr cnimfj mmf cmfzczc g{j}gj }nn mhwm}n gz}zbndniwr
(Umditjbb" >==8>; =
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t`t}nb mbmimbjr ntfgnf nfbnc" t`t}nb mbmimbjrmf wjqjgjf wrfnn gjmcjtmgmr& O}bjdj
czn{{nc cmiwnrgn cjwn rjwcj i`zbbnr |j }fwjcm" inqmwnbm{cm wnrmhtjb `bnrni gmjr
w`qbzcbnrgnf lnrib ibnf omr gm{m mbmimfmf izrzbcntfn fjgjf `bczwzr& Oz gfc
trjdmfgj" rjwmc |j wijwmcbj omrbmiwj" qnrn `beztz gn gfcwr& Ejfjb ejjr miwmtnw"t`t}nb ombmcbjrgjim m obcff |jrgmm rnhnwbibn" t`t}nb mbmimbjr nbnffn qji ln{bn mbem
etwjrcjgmm mmf" w`qbzctnb mbmimbjrgj e{bjcbjfjf gfcbj omrbmiwj" qnrn `beztzfgnim
gfc nfnbm{bjrj gnhmb jwcjcmwmr&
Ozrngn |zrezbnfcnt ejrjijf omr gmjr `bez mtj" gfcf t`t}nb mbmimbjr ntfgnf
nfnbm{mfj" ejfjbbmibj Cnritmtw miwmtnwbnrf gn `i ln{bn jmbcjgmibjrmgmr& Inqmwnbm{cm
wnfcbn}nf t`t}nb mbmimbjrgjim gfcf" mftnff mhwm}nbnr |j}n wijwmcmfm inrbncni mmf
fjrjgj}tj wc wnr
c w`qbzcbnr
fgn ejjrbm `bnf" izbbnf
c gjjrm mmf rjwmc" }n gn gnhnt`t}`b`kmi omr wnfcbncn}bn ijfgm mhwm}nd mmf rjwmc" inqmwnbmtw w`qbzctnb mbmimbjrgj o}i
bgj gjmcmwmr& Inqmwnbmtw w`qbzcgn" cjwnbnrf rjwmbcjtm mmf ojbmrbj}mdm `bnf rjwjfmf
ijfgm mhwm}nd mmf gjmb" oninbnrff mhwm}ndf inrbncni mmf rjwmbmr& Inqmwnbm{cmf
ejbmmcmfj qnrnbjb `bnrni wnrmhtjb trj mmfgj" rjwmc mbj wijwmc niwm|mwjbjrm trjibm `bnrni
omromrmfgjf n}rc |j nrwi rjwmc ejfjbbmibj oninbnrff mhwm}ndf inrbncni mmf }nqbnf
omr jwimfbmj gfcwr&
I&Cnrxf jrj|jtmfm m{gmm jcji#gjjr wj`rmtmfm" ibntmi miwmtngf jcji#gjjrwj`rmtmfgjf n}rnf fjcbm {jbbmibjrmfgjf omrm" I&Cnrxf inqmwnbmtw w`qbzcgn ejrjibjwmrmbjf
rjwmcmf gjmmc ncnb `bgzzfz etwjrcjtm gjmb" wnc wjrtmfj tmtwjcmf owftjb mbj}mm
ntfgnf m ed mbj jcjmf omromrmfgjf lnrib `bgzzfz }nfm inqmwnbmtw w`qbzcgn t`}zw
jcjmf ojbmrbj}mdm `bgzzfz etwjrcjtmgmr& Omrn{ gnhn nndni `bzrtni" I&Cnrx" gjjrm nfnbm{
jgjrijf" inqmwnbmtw w`qbzcgn rjwmc mbj wijwmcmf h{bn omromrmfgjf n}rcnt t`fzdz"
cjwnbnrf izbbnfc gjjrmfmf }nfm mhwm}nbnr emgjrmdm g`nb o`}zwzfzf }nf trn" cjwnf
t`t}nb mbmimbjrgj n
n
inf gjjrm #g`bn
c#gjjrmfmf# fjcm {jrmfgj }`zfbn
r&Inqmwnbmtw w`qbzcgn m ed" gjjrm cjwn g`bn}cfgn }nrnwcnibn omrbmiwj" m edff ijfgmtm
gjjr gjmbgmr& Inqmwnbmtw w`qbzcgn }nrnwbnf gjjrmf |nrb" nfdni izbbnfc#gjjrm mbj
gjmmc gjjrmfmf omrbmmfgj nn inr&
Oz nncngn omr onin |zrezfzf gnhn }nqbcnt ejrjim}`r" inqmwnbmtw w`qbzcgn jcji#ed
|j rjwmc nrnbnr omrjr cjwn ommcmfj gfc" n}f {ncnfgn rjwmc nrnbnrff cbim}jwm"
jcji edff mtj rjwmc trjdm mmfgj rjwmcm `renfm{j jgjf mmf imrnbnfcnt ejrjm mbj
inr
bn
r
{& Jcjmf rjwmc nrnbnr
fgnf i`qnr
bcnt
mbj omrbmiwj" rjwmc mbj wijwmcmf
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omromrmfgjf n}rcnt (gmttndmnwm`f-" inqmwnbmtw w`qbzcgn jcjmf i`fzczfz" gjjrm }nrnwnf
i`fzczfz fj inrrijf" rjwmc lnnbm}jwmfm gj omromrmfgjf n}r {jb rjwmcbjr hnbmfgj
`renfm{j `bcntfn }`b ncwr& rjwmcmf" lnrib |j {jb omrmcbjrj gfcjtm mbj omrbmiwj"
rjwmc trjdmfgj ojbmrbm omr jcjmf" t`czw jcjmf t`t}nbbjcjtm }nfm gjjr ommcmfmwncncbncntmmf g`bncn emrcjtm ejrjimr& rjwmc trjdmfgj hnrdnfnf omrj}tjb" t`czw jcji#
ebjrmfmf" cjwnbnrgn q`wnftm}jb `bnrni }ib `bnf gjjrbjrmf t`}zw jcjj gfcjtm }nfm
Cnrxf gj}mcm mbj gjmmi o}ibiwjim gjmmc#gjjrbjrm `bnrni cjwnbnr" gjmmc#
gjjrmfmf {f wjimb jgjf ontmw" wji ommcbm" ejfjb t`}zw jcjmf n{ }n gn `i cmiwnrbnrf
wjctmb jgjf q`wnftm}jbmf nn icnt ejrjimr (Cnrx" >=5=o; 78-& Inqmwnbmtw w`qbzcgn"
rjwmc trjdmfgj omr cjwnn gfjf omrj}tjb#t`czw jcjmf t`t}nbbjjombcjtm" }nfm gjjrmf
fmhnm ommcmfj zbncnt
mmf" `okjiwml omr nrnd
f" }nfm qnrnf
f |nrb
f
ejrjiwmrmr& I&Cnrx ozlnribb nin gmbj ejwmrcmwmr (C-jwnf omr }nfgnf ijfgm g`nb |nrb mmfgj congjbj
gjjrmfm mgjnb omr ommcgj (q`wnftm}jb `bnrni- wn}nf {eb omr rf `bnrni" or }nfgnf
rff g`nb |nr`bz ommcm}bj |nr`bz ommcm}bj hjr wrb onf i`qnrc" onb onfn
congjbj gjjrm(qnrn- `bnrni" mlwj |nrb (Cnrx" >=5=;?>7- omr }nfgnf inqmwnbmtw w`qbzcgn
jcjmf t`czw" tqjtmlmi |nr`bzz mbj" `fzf oz |nr`bzzfgnf hnrjijwbj ejrjibjjf t`}zwt`t}nb
ommcm qnrn ommcmfgj fmhnm `bnrni gjjrmf wncncbnfc ommcmfj gfr& Oz nfnbm{j erj
qnrn" tngjdj gjjrmf nn i ommcm gjmb" gjjrmf |nr`bzz |j ijfgmfm wncncbncnt mmf
inqmwnbmtw w`qbzcgn {`rzfbz omr zrn mnrjw jgm}`r&:
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|zrezbng emom qnrn"qnrnffcbim}jwmfjtnhmq`bnfmmf{erbinfbncfn ejbm}`r& O}bjdj
gjjrmf lnribbnc ommcbjrm }nfm qnrn |j cjwn" tjrcn}j omrmimc trjdmfmf mbjrbj}jf
nncnbnrfn onb `bnrni" ijfgm nrnbnrfgn ejrmbmcbm omr trjdmf |nrbfn }`b nnr& Inqmwnbmtw
w`qbzcgn" qnrn omr }nfgnf gjjrmf }nrnw
bcnt
mmf tjrcn}j}j gfrijf" gmjr }nfgnfrjwmc trjdmfgjf onct{" }nrnwbnf gjjrbjrmf t`}zw wjctmbdmtm i`fzczfgn mim fjcbm mbj|
}ibjfcmwmr& Tjrcn}j omrmimcmfmf lnribbnnf nncnbnrfgn" qnrn oz mim lnrib mbj|mfgjf
omrmfm }jrmfj ejwmrgmm bgj" qnrnff cbim}jwmfm jbmfgj ozbzfgzrnfbnr mmf {erbi
nfbncfn ejbmr& G`bnc trjdm gfgn qnrn" nrwi onb onfn ncn Cnrxf |zrezbng emom
qnrn `bnrni qnrn i`fzczfn ejcmwmr& Qnrnff onb onfn qnrn `bnrni ejfjb inozb
ercjtm ejfjb bnrni wc cbibjrmf wjctmbdmtm" wc fjtfjbjrmf t`}zw w`qbzctnb {"
congjbj gjjrmfmf jbbj wzwzbzr dmtmcbjfcm ommcmfjgfcwr (Cnrx" >=5=n; ?:8#?:=-&Qnrnff inqmwnbmtw w`qbzcgn lnribbnnf mbj|bjrmfj mbmimf ozrn}n ingnr }nqwc{ |zrezbnr"
inqmwnbmtw w`qbzcgn" cjwnf izbbnfc gjjrm mbj gjmmc gjjrm `bnrni lnribbncntfn onb
`bnrni qnrnff" cjwnf n}rbcn{ zftzrz |j g`bn}t}bn cjwn}n mimf `bnf gjjrmf nn i
ommcm `bgzz bgj fjc in{nfr& Inqmwnbmtw w`qbzcgn {j mbmimf cjinfm{cn g`bn}fgn
lnribbnnf qnrn o}bjdj" gjjrmf nn i ommcm `bcntfn qnrnbjb `bnrni }jfm gjjr
}nrnwcn trjdmfmf gj wjcjbm `bczwzr& rjwmc trjdmfmf tn|rzbnf qnrn" rjwmc trjdmfgjf
cjwn imcbmmfgj nrwnrni
icnt
n}f
{ncnfgn " inqmwnbm{cmf qnrn }nrnwnf omr ji`f`cm`bcnt nfbncfn ejbcjiwj& Inqmwnbmtw rjwmc trjdmfgj gnhn n{qnrntrjibm `bnrni gnhn
ln{bnqnrn}n gfcjiwj& Qnrnff ejrji nfbncfgn qnrn }nrnwcntff wji i`zbz" rjwmc
trjdmfgj }nrnwbnf nrw#gjjrgmr& Qnrnff gnhn ln{bn qnrn}n gfcjtm mmf" rjwmc trjdmfj
emrcjtm" }nfm rjwijf tjrcn}j}j gfcj {`rzfbzbzz qnrn#tjrcn}jtmfmf {erbff
ffgjim wjcjb jfejbgmr& Oz |zrez}z }nqwc{ nfgnf mwmonrjf" qnrnff jf t`}zw cbim}jw
ommcm `bgzz ejrjmfmf gnhn gn wjtmfj emwcm `bzrz{& Jjr gjjr" qnrn |j cjwn ommcbjrmfj
gfjrji" nrwnrni |nr`bz}`rtn" inqmwnbmtw w`qbzcgn cjwn |j qnrnff cbim}jwm |j i`fwr`b
{jb nfbnc wn}ndniwr&
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8/14/2019 Finansal Kapital_Gazi
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gnhn nwnrni gnhn gn nibn}ndni `bzrtni" tjrcn}jfmf ejfmbjcj gfjcbjrmfgj }nfm mbn|j
gjjrbjrmf }nrnwbg gfjcbjrgj" qnrn {`rzfbz `bnrni cjwn ommcmfj gfcj jmbmcmfgjgmr"
`}tn tjrcn}j omrmimcmfmf ojbmrbm omr ommcmfmf }nqtnb `bnrni nrwi ijfgm ijfgmfm rjwjcjgmm
nncnbnrgn" qnrn {erbi nrnd
`bnrni mbj| err& {erbi nrnd
`bnrni mbj| ercjtmfmffjgjfm mtj }bj nibnfnombmr" }jfm gjjrbjr }nrnwcn }jrmfj qnrn" }n |nr`bnf gjjrbjrm
gjjrtm{bjcjgjf izrwnrcn" }n gn irm{j inr }jfm cjinfm{cnbnr ejbmwmrcji mmf |jrmbm
in}fnibnrf h{bn }jfmgjf qn}bncfn `bnfni |jrmr& O}bjdj inqmwnbmtw w`qbzcgn qnrnff
tjrcn}j `bnrni }ibjfgmm mbj|bjr mbj cbim}jwmf jf t`}zw wjctmbdmtm `bcntfn onb `bnrni
}ibjfgmm mbj|bjr nrntfgn ejrmbmcbm omr nbnf }nrnwr& Lninw ozrngn }nqbcnt ejrjijf |zrez"
ejrji cjwn" ejrjitj cjwn in|rncff ntbfgn omrjr t`t}nb mbmim `bgzzgzr& Omrjr t`t}nb mbmim
`bnrni cjwn |j qnrn" tjrcn}j omrmimc trjdmfj onb
`bnrni t`czw t
f
lomrj}bjrbjr g`bn}
fgnnn inr& {erbi mbj {`rzfbzbzi nrntfgnim ejrmbmcbm mbmimbjrmf rjfemfm |j g`iztzfz
tjrcn}j omrmimc trjdm ojbmrbjr& Inqmwnbmtw w`qbzcgn tjrcn}j omrmimcmfmf w`qbnc w`qbzctnb
trjdmfgj lnrib mbj|bjr }ibjfjf inqmwnbmtwbjr nrnt mbmimbjr" ntbfgn rjwmc trjdm |j
g`bn}t}bn cjwn {jrmfgj i`fwr`b izrnf tjrcn}j ijtmcm mbj qnrnff g`bnc trjdm {jrmfgj
i`fwr`b izrnf tjrcn}j nrntfgn ejrjibjmr& Hjr mim ijtmc mmfgj {erbjcj" nfdni qnrn |j
cjwnf i`fwr`bf w`qbzctnb `bnrni i`fwr`b jgmbjombgmmfgj }n gn oz nbcnff wjcjb
rjljrnft `bnf lmfnft#inqmwnb g`bn}cfgn }nfm omrj}tjb tjrcn}j `bnrni hjc cjwn hjc gj
qnrnff i`fwr`bf jbj ejmrgmmfgj jbgj jgmbmr& Oz |zrezfzf omr gmjr g`nb t`fzdz mtj" cjwn
|j qnrn nrntfgnim ejrmbmcgjf g`bn}" tjrcn}j mmf {erbjcj trjdm w`qbzctnbbgj hjr
ejjf ef gnhn gn {`rbnwgr& Gmjr }nfgnf" tjrcn}jfmf cjrij{mbjcjtm |j }`zfbncnt
nrwwin" omrj}tjb tjrcn}jbjr ntfgnf tjrcn}jfmf w`qbnc gfetfgj nn inf qnrn |j
cjwn {jrmfgj i`fwr`b izrgzibnr bgj {erbjjombcjiwjbjr& Oz nncngn" omrj}tjb
tjrcn}jbjr ntfgn ejrji tjrcn}jfmf ejfmbjcj" ejrjitj irm{ gfjcbjrmfgj qnrn
in}fnibnrfn zbncn inqntmwjtm" w`qbnc tjrcn}j mmfgj |jrmbm irbbi i`zbbnrfgnf
}nrnrbnfcn }n gn |jrmbm {nrnrbnrgnf izrwzbcn nfbncfn ejbjdjiwmr& Omrj}tjb tjrcn}jbjrmf" qnrn
in}fnibnrfn tnhmq `bcn }n gn zbncn inqntmwjtmfm mtj oz tjrcn}jbjrmf tnhmq `bgzz g`fnfc
ojbmrbj}jdjiwmr& T`fzwn qnrn" |nr`bnf gjjrbjrmf h{bn bmimwbjcjtmfj }`b nw bgj"
ji`f`cmgj |jrmbm `bnf e mbmimbjrmfmf gj lnribbncntfn }`b nnr& E mbmimbjrmfmf }jfmgjf
wnfcbnfcntfgn qnrn |j lmfnftnb mbmimbjr {jb omr fjc in{nfr& bi jwnqwn tjrcn}jfmf
owftjb inr g`rzbwztzfgn qnrn" drjw |j lnm{ |j g|m{ izrzfgnim }jfm cjinfm{cnbnr
infnb mbj jcjmf tjrcn}j wnrnlfgnf i`fwr`bgjfjwmc nbwfn nbfcntfn }`b nnrijf5" gmjr
8/4?
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wnrnlwnf gn tjrcn}jfmf ijfgm m ombjmcmfgj ejjrbm `bnf gjfjwbjcj ommcmfmf lnribbncntfn
fjgjf `bzr&
MMM#]nq |j ]nqff Wn}d Zftzrbnr;Qnrn Tjrcn}j (Qnrn Inqmwnbmtwm-|j rjwijf
Tjrcn}j (rjwijf Inqmwnbmtw-
5&>=51bjrbj omrbmiwj {jbbmibj gj bijcm{gj tin ojbmrwmbjf" izcnrhnfj ji`f`cmtm |j
rnfwm}j inqmwnbmtwbjr emom in|rncbnwrcnbnrgn" ji`f`cmi mbmimbjrgj tjrcn}jfmf w`qbnc
gmfncmibjrm e{ ffj nbfcngnf mim lnrib ijtmcgjf onhtjgmbmr& Omrmfdm ijtmc" rnfwm}j `bnrni
ngbnfgrbr |j oz ijtmcmf ji`f`cm mmf ejfjbbmibj qnrn{mw `bgzz |zrezbnfrijf9 oz qnrn{mw
ijtmcmf `bzctz{ }fgj jwimbjgmm omr gmjr ijtmc `bnrni gn" rjwmc lnnbm}jwbjrm mbj zrnnf"
(cnritmtw in|rncbnwrcn mbj rjwijf inqmwnbmtwbjr- omr onin erzq wnfcbnfr& Oz nfnbm{mf
ejfjb cnfw mmfgj" oz mim niwr" omromrm}bj mbmimtm{ |j omromrbjrmfj nbwjrfnwml mim i`fzcz
mnrjw jgjr&8 @}tn inqmwnbm{c omr w`qbzctnb mbmimbjr tmtwjcm `bnrni ejbmwmm nfgnf mwmonrjf"
tjrcn}jfmf t`t}nb w`qbnc gfetff ejrjibjcjtm mmf" qnrn |j rjwijf tjrcn}jfmf |nrb
{`rzfbzgzr& I&Cnrx ozfz nidn gmbj ejwmrcmwmr; Inqmwnbmtwbjrmf omr obc z}ezf omr
o}ibj zbnc ozbzfnf q`wnftm}jb qnrn#tjrcn}jbjrmfm" gzrcngnf rjwijf tjrcn}j}j
j|mrmrbjr9 }nfm nrw#gjjrmf qnrn}n j|rmbcjtm}bj }bnf qnrn mbj" rjwmc nrnbnr |j mbn|j
gjmcj}jf tjrcn}j jbjrm tnwf nbrbnr& Oz nrngn inqmwnbmtwbjrmf omr onin obc mtj" hb
q`wnftm}jb qnrn#tjrcn}j }cnibn zrncniwngr& Oz mim inwje`rm}j emrjf inqmwnbmtwbjr inr
inr}n ejbmrbjr9 on{bnr nbd" wjimbjrtnwd `bnrni |j oz mimtmfgjf hjr omrm }nbf{ oz
r`bbjrgjf omrmtm mjrmtmfgj }jr nbr (Cnrx" >=5=d; :?>-&
Tjrcn}jfmf m ombjjfbjrmfmf gnhn gn m}m nfbnbcnt mmf" tjrcn}jfmf w`qbnc gfetff
ejbmmcm mbj omrbmiwj" inqmwnbmtwbjrmf ijfgm m ombjjfbjrm `bnrni" on{bnrff nbd" on{bnrfftn
tnwd`bcntff `bgzin {jb nfbnc |nrgr& ]nfm" qnrn#tjrcn}jtmfm omrmiwmrjf qnrn inqmwnbmtwm
mbj rjwmc trjdmfm onbnwndni `bnf rjwijf inqmwnbmtwmf nrnbnrfgnim nbd#tnwd mbmimtm" }nfm
irjgm mbmimtm {jb omr nfbnc in{nfr& Irjgm mbmimbjrm }zinrgn nfbnww`c{ {`rzfbzbzi mbj
{erbi nrntfgnim ejrmbmcmf {c `bnrni inqmwnbmtw mbmimbjrgj cjrij{m omr {jbbmj
tnhmqwmr&
M\# Gjjrmf [ncnf hbnbm }n gn {erbjcjtm @bnrni Irjgm bmimbjrm8&Irjgm mbmimbjrmfmf ejbmmcm mbj omrbmiwj" qnrnff {erbi nrnd `bcn mbj|m `i gnhn o}i
fjc in{nfr& Gjjrmf {ncnf mhbnbm `bnrni wnfcbn}ndnc{ irjgm mbmimbjrm" omrj}tjb
tjrcn}jbjrmf qnrn#tjrcn}j g`fnfcfn in|zcn `bnfnibnrf gnhn gn nrwrrijf" gmjr
}nfgnf rjwmc trjdmfgj }nrnwbnf gjjrbjrmf ejrji mlngjtm `bnf qnrnff h {bn oz
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8/14/2019 Finansal Kapital_Gazi
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gjjrbjrgjf z{nibncntfn" }nfm hn}nbm tjrcn}j g`fnfcff ejbmcjtmfj `bnfni wnfr&
Inqmwnbmtw w`qbzcgn gjjrmf {ncnf mhbnbmfmf ejrji n niw nf oz nfgr& Omrn{ gnhn
nndni `bzrtni" irjgm#qnrntff qnrn ommcmfgjf wjcjb lnribb" irjgmfmf wjctmb jwwmm gjjrmf
hjf{ ejrjibjcjcm `bcnt
g
r& Oz nfbncgn irjgm }nrnw
bcnt
ojibjfjf gjjrbjrmffdjgjf gjjrbjfcjtmfj (qrj#|nbmgnwm`f- `bnfni wnfr& Irjgm#qnrnt ojibjfjf" ejbjdjiwj
}nrnwbcnt gfbjf gjjrm wjctmb jgjr& Irjgm qnrnt" irjgm }nrnwnf nrnd izrzcbnrf rjwmc
trjmfgj }nrnwbndn gfbjf ojibjfmbjf gjjrmf (qrj#|nbmgnwm`f- inrbf" fdjgjf
ojbmrbm omr cmiwnr gjcj nrnd nfbncfgn ji`f`cmi nknfbnrn tzfcntgr& Wnc nfbnc}bn
tjco`bmi `bcntfn rncjf irjgm qnrnt" {fjb t`czw gjjrmf t`t}nbbjcjtmfj }nfm
rjnbm{nt}`fzfn `bnfni |jrmr (Bmqmjw{" >=8?;:4-& Irjgm#qnrn ommcmfmf ejbmcjtm mbj omrbmiwj"
rjwijf inqmwnbmtw mbj qnrn#inqmwnbmtwm nrnt
fgnim mbmim" o}bjdj irjgmfmf ejbmmcmfj qnrnbjb`bnrni fjc in{nfnf omr t`t}nb mbmim hnbmfj ejbmr& Oz mbmim ommcmfmf qnrn inqmwnbmtwm mmf
wjcjb nfbnclnm{ ejbmrm jbgj jwcjiwmr& Irjgm#qnrntff |nrb" tnw mbj tnwf nbbnrf j#
{ncnfb `bcncntfn(whj f`f#t}fdhr`f}- onb `bgzz bgj" wmdnrm irjgmfmf {mfdmrbjcj
|nr`bzzfn |j qnrn#tjrcn}j}m `bnfnib ibnf irjgm#qnrn }nrnwnf izrzcbnrf ({jbbmibj
onfinbnrf- ejbmcjtmfj gj `bnfni tnbncwr& Onfinbnrf irjgm#qnrn }nrnwcn trjbjrm"
inqmwnbm{cmf ejbmmcmfj qnrnbjb `bnrni" qnrnff }jrmfj gnhn ln{bn irjgm#qnrntff
izbbnfbcntfn `bnfni tnbncwr& Irjgm qnrnt {gj onfin mbj cwjrmtm nrntfgn {jb omr
mbmim `bcntfn rncjf" t`fzwn t`t}nb omr inrniwjr in{nfr |j ejfjb j#gjjrmf g`bncgn
wjctmbdmtm i`fzczfn gjr (_jzwjf |j Umbbmnct" >=8=; 87-& Irjgm cjinfm{cnt omr }nfgnf
rjwijf inqmwnbmtwbjr mmf ji qnrn#tjrcn}jtm nfbncfn ejbmrijf" gmjr omr nfbncgn gn rjwmbjf
cjwnbnrf h{bn jb gjmwmrcjtmfj `bnfni wnfr& Hjr mim l`fitm}`fzf mbjcjtm t`fzdz"
tjrcn}jfmf rjwmc |j g`bnc nbnffgn inbcn trjtm n{nbr" ozfn inrbi oz l`fitm}`fbnr
tjrcn}jfmf ejrm gf h{ff nrwcntfn fjgjf `bzr& Tjrcn}jfmf ejrm gf h{ff nrwcnt
mtj" ojbmrbm omr {ncnf gmbmcm mmfgj omrmc qnrn tjrcn}jtmfmf rjwijf tjrcn}j}j gfjrji gnhn
ln{bn nrw#gjjr jbgj jgmbcjtm }n gn g`bnc trjdmfj ic cjwnbnrf h{bn qnrn}n
gfcjtmfj `bnfni wnf}nrni wmdnrm tjrcn}jfmf g`bnc h{ff nrwcntfn fjgjf `bzr& Ozrngn
ejrji rjwijf tjrcn}j tnhmom inqmwnbmtw" ejrjitj wmdnrm tjrcn}j tnhmom inqmwnbmtw" {ncnf
itwf nc `bzr& rjwmdm" irjgm tn}jtmfgj" hjf{ rjwmbcjcm cjwnn inrbi `bnrni lmfnftnb
gjtwji }n gn irjgm nbnombmr& ]nfm irjgm#qnrn ommcmfmf ejbmmcm mbj omrbmiwj" cjwn (C- qnrngnf
n}rbc" }n gn qnrnff cjwngnf {ncnf mmfgj n}rbcntfn `bnfni tnbnfcwr& Inqmwnbmtw
irjgm}m" tnfim ijfgm tjrcn}jtm}cm emom izbbnfr& Irjgmfmf" inqmwnbmtwmf tjrcn}jtm `bnrni #
ojbmrbm trj mmf gj `btn#cbim}jwmfj ejcjtm" inqmwnbmtwmf wjcjb ncnd `bnf rjwmcj }nwrg
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tjrcn}jfmf itn omr {ncnf gmbmcmfgj ejrm gfcjtmfm i`bn}bnwrr& Oz nfbncgn ji irjgm }n gn
tjrcn}j mbj inqmwnbmtw `i jwimf |j o}i qnrn#tjrcn}jbjr ejrjiwmrjf wjif`b`kmbjrj }nwrc
}nqnrni" rjwmc i`zbbnrf ejbmwmrjombjdjm emom" n}f irjgm in}fnibnr mbj tnw i`zbbnrff
ejbmcjtm mmf ejrjibm `rwnc
gn #{jbbmibj rjibnc# tnbnr (\jobjf" >=4?; :1-& Tjrcn}jomrmimcmfmf wnrmhtjb ejbmmcmfj qnrnbjb `bnrni irjgm mbmimbjrm gnhn i`cqbjit |j gnhn izrzctnb
ommc nbgin" lmfnftnb mbjcbjrmf hndmc |j h{fgn }`zf omr nrw }nnfcwr&
=&rjwmcmf lmfnft mmf o`r |j}n irjgm mhwm}nd t`fzwn mim lnrib mbmim ommcm mbj omrbmiwj
omr gm{m nrnd izrzczf ejbmcjtmfj fjgjf `bczwzr& Omrmfdm mbmim ommcm qnrn#inqmwnbmtwmfm
jbmfgjim qnrn} rjwijf tjrcn}j}j niwnrnrni rjwmcmf lmfnft t`rzfzfz {cjtm" }nfm mbmimgj
om{{nw omr cmiwnr qnrnff omr jbgjf gmjrmfj ejcjtm jibmfgj ejrjibjmrijf" gmjr mbmim
ommcm" nb
d
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f ejbjdjiwj gjcj }nqcn t{ff qnrn }jrmfj ejcjtm jibmfgj `bczwzr& Ozgzrzcgn qnrnff }jrmfm nbnf t{bjcj mbmimtm; irjgm Q(nrn-#C(jwn- mbmimtmfmf {ncnf mmfgj
omromrmfgjf n}rbcntfn fjgjf `bgzz bgj" inqmwnbmtw mbmimbjrj omr gm{m jtfjibmi in{nfgrr&
Ozrngn tjrcn}jfmf w`qbnc gfetfgj omrj}tjb tjrcn}jfmf {erbjcjtm" omr gmjr nfbncgn
irjgm cjinfm{cnt {jrmfgj gjfjwmc `bnfnfn tnhmq `bcnt nfbncfn ejbjdjiwmr& fi
inqmwnbmtw ji`f`cmgj irjgm cjinfm{cnt" gjjrmf n niw cjwn |j qnrn ommcmfmf
omrnrn}n ejbcjbjrmfj `bnfni tnbncniwn& Lninw gmjr }nfgnf irjgm mbmimbjrm |j irjgm
cjinfm{cnt
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}`b ncwr&
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>1& Qnrnmbj cjwn {jrmfgj gjfjwmc g`bn}cfgn `bznf e mbmimbjrmfmf nfnbm{mfm mbi gjln
_&Hmbljrgmfe }nqcwr& _&Hmbljrgmfe >=>1 }bfgn Lmfnft Inqmwnbngb nbcntf
}n}fbnrijf" ft{gj" Lmfnft#inqmwnbmf mbj|bjrm |j }ntnbnrff ombemtmfj zbncngnf ozefi
ji`f`cmi jmbmcbjrmf ombmfcj}jdjmfm9 |j gnhnt ombmctjb omr ji`f`cm |j q`bmwminff
}nqbncn}ndnf ojbmrwcmwmr (Hmbljrgmfe" >=8>;?>-& _&Hmbljrgmfemf }{}bf onbnrfgnim
z}nrt" efc{gj `i gnhn nfbncb omr mjrmi in{nfcwr& >=51bm }bbnrbn omrbmiwj tjrcn}j
omrmimcmfmf zbnw nncngn lmfnft#inqmwnb" Hmbljrgmfemf izbbnfg nfbncgn ncqmrmi omr
ejrjibmi `bcntff wjtmfgj" tjrcn}jfmf w`qbnc t`t}nb gfetf wnfcbnr hnbj ejbcmwmr&
Gmjr }nfgnf efc{gj lmfnft#inqmwnb in|rnc9 tjrcn}jfmf cjrij{mbjcjtm |j
}`zfbncntfn onb `bnrni omrj}tjb tjrcn}jbjrmf tjrcn}jfmf w`qbnc t`t}nb gfet
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{jrmfgj ojbmrbj}mdm `bcn nfbncfgn" t`czw omr e `bnrni }jfm `renfm{nt}`fbnr |j omrj}tjb
tjrcn}jbjr nrnt }jfm mbmimbjrm mnrjw jgm}`r&
>>&Jcji#gjjr wj`rmtm g`bn}cfgn" gjjrm wjctmb jgjf cjwn |j qnrnff mim lnrib
cbim}jwm (rjwmc nrnbnrfn" rjwmbjf cjwnbnrn tnhmqbmi |j qnrn#tjrcn}j}j tnhmqbmi- |j oz mimlnrib cbim}jwmf ejwmrmbjrm mbj cbim}jw ommcbjrm nrntfgnim mtjb ejmbjr |j mtjb
onbnfwbnrf }`zfbncnt nfbncfgn in|rnctnb n}rcbnrf }nqbcnt ejrjim}`r&Oz n}rc"
lmfnftnbgfe mbjlmfnftnbtjrcn}j |j g`bn}t}bn i`fwr`bnfbncfgnlmfnftinqmwnb nrntfgn
`rwn}n i`fnombmr& Tjrcn}j omrmimc trjdmfmf ejbmcjtmfj qnrnbjb `bnrni" rjwmcmf lmfnft
t`rzfzf nrwnrni fjc in{nfcnt" omr }nfgnf cjwn rjwmcm {jrmfgj }`zfbnc rjwijf
inqmwnbmtwbjrmf qnrn mhwm}ndf nrwrrijf" gmjr }nfgnf oz mhwm}n" cjwn rjwmcm {jrmfgj
}`zfbnnf rjwijf inqmwnbmtwbjrmf q`wnftm}jb `bnrni qnrn#tjrcn}j}j gfjdji qnrn`bnfnibnrf ijfgm jwimfbmi nbnf mmfj jicj cdngjbjtmfj }`b ncwr& Tjrcn}j omrmimc
trjdmfmf nrwnf h{fn onb `bnrni" nrwnf qnrn#tjrcn}j mhwm}nd" oz mhwm}ndn inrbi ejbjdji
omrqnrn#qm}ntnt" qnrn#inqmwnbmtwbjrm |j ozfbnrf izrzctnbbncnbnrf mnrjw jgjf onfinbnrf
ejbmcjtmfj fjgjf `bczwzr& Inqmwnbmtw ji`f`cmgj tjrcn}j omrmimc trjdmfmf wjcjb
ombjjfbjrgjf omrm `bnf qnrn#tjrcn}jtmfm jbmfgj ozbzfgzrnf onfinbnr" qnrn tjrcn}jtmfmf
|jrgmm `bnfnibnrbn rjwijf tjrcn}j {jrmfgj jwimgj ozbzfcn}n" rjwijf#tjrcn}j}m jwim
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ommcm `bnf cjwn |j qnrnf
f cbim}jwmfj|j hjr mim cbim}jwmf ejwmrmbjrmfj tnhmq `bcniwr (Nebmjwwn" >=85; ?:4-& nbcnff oz
nncntfgn oz nfbncgn t`czw ji`f`cmi }nnc nfbncn}n }fjbmi omr ngc gnhn nwnrni"
ozrn}n ingnr jbj nbgc{ |j in|rnctnb `bnrni omromrmfgjf n}rgc{ qnrn#inqmwnbmtwbjrm"
rjwijf inqmwnbmtwbjrmfm |j wmdnrm inqmwnbmtwbjrm" omrmimc trjdm mmfgj mbj|bjrmfm in}ojwcjgjf
omrj}tjb omr tjrcn}j tnhmom }n gn tjrcn}j erzozfzf jwimfbmi nbnf mmfgj fntb ijtmwmibjrm
etwjrcj}j nbndn{& Oz |zrezbnrgnf t`frn wjimb tjrcn}j tnhmqbjrm `bnrni" jfgtwrm
tjrcn}jtm mbj qnrn#tjrcn}jtm (|j wmdnrm tjrcn}jfmf- tnhmqbjrmfmf" rjwmc trjdmfgj }nrnwbnf
gjjr {jrmfgj tmtwjcnwmi omr i`fwr`b izrcn ngfn i`nbmt}`fn emrcjtm" }n gn wji omr omrj}tjb
tjrcn}jfmf t`t}nb gfetf `bzwzrnf lnrib tjrcn}j omrmcbjrmfm mmfj nbndni jimbgj
ejbmwmrcjtm" `renfm{j `bcnt |j oz jimbgj }nrnwbnf gjjr ommcbjrm {jrmfgj i`fwr`b edf
nrwrcnt }ffgjim ejrjibmm lmfnft inqmwnb `bnrni wnfcb}`rz{& Lmfnft inqmwnb" lmfnftnb
tjrcn}jgjf lnrib `bnrni tngjdj omr t`}zwbncn gjmb" Nebmjwwnff |zrezbng emom" inqmwnb"
tjrcn}j omrmimc trjdmfgj" tjrcn}jfmf cjrij{mbjcj ommcmfmf gj|ntn lmrcnbnr }n gn lmfnft
erzqbnr `bnrni ijfgmfm nn inrcntff rfgr (Nebmjwwn">=85-& &Lmfnft inqmwnb
in|rncff t`czw nfbncgn izbbnfbcntff gnhn gn nfbnbr ibcni mmf" tjrcn}jfmf w`qbnc
>?/4?
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gfet trjdm mmfgj ejrjibjjf lmfnftnb tjrcn}jfmf w`qbnc gfet nfbncfgn lmfnftnb
gfe in|rnc mbj" oz gfe {jrmfgj izrzctnbbnnf e ob`z `bnrni lmfnftnb inqmwnb
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lnrib ommcbjrj gfcjtmfj `bnfni tnbn}nf oz lnrib tjrcn}j ommcbjrmfmf hnrjijw f`iwnt
gjjr }nrnwcnff ejrjibjwmm rjwmc trjdm `bcnibn omrbmiwj" ejrji rjwijf tjrcn}j }n gn
jfgtwrm tjrcn}jtm ejrjitj" }nrnw
bnf gjjrmf cjwn `bnrni wijwmc }n gn }jfm rjwmcj niwnrcnmbj|mfm twbjfjf wmdnrm tjrcn}jfmf jwimfbmibjrmfm ejrjibjwmrcji mmf qnrn#tjrcn}jtmfj
mhwm}nbnr |nrgr&
Ozrngn gmiinwgjf incncnt ejrjijf `bez" lmfnft tjrcn}jfmf }n lnrib omrj}tjb
tjrcn}jbjrmf nrntfgn omr i`nbmt}`f" #m mj ejcj# }n gn onb onfn wjimb omr tjrcn}jfmf
w`qbnc gfet mmfgj lnrib mbj|bjrm twbjfjdji jimbgj rewbjfcjtm" tjrcn}jfmf w`qbnc
t`t}nb gfetff t`}zw g{j}gj wnfcbnfnf mbj}mm mbj mbmimbm omr trjwmr& Ozrngn omr onin
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{`rzfbzbzzf rf `bnrni gfbcjtm ejrjimr& O}bjdj }nq#trj" niwrbjr |j twrnwjkmbjr
nrnt mtjb mbmimbjrmf nn inrbcnbtjibmfgj `rwn}n i`fnombmr&
In|rncbnr |j in|rncbnrf omromrm {jrmfgjim jwimbjrm omr jimb g`bn}fgn nibn}nombmrm{&
Tjrcn}jfmf w`qbnc t`t}nb gfet trjdmfgj" qnrn#tjrcn}j}j mbi mhwm}n gz}zbgzz f`iwn"
gnhn fdjgjf gj ojbmrwwmmcm{ emom rjwmc trjdmfmf onbnfe nncntgr& Oz nncngn
onfinbnr" omr cmiwnr qnrn} (QO-" jfgtwrm}jb nfbncgn }nwrc }nqndni emrmmcdm}j gf`bnrni |jrmrijf" oz gfdf ejwmrmtmfmf fmwjbmi `bnrni cmiwnrff ejfjb nfbncgn rjwmc
trjdmfgj }nrnwbnf gjjrj onb `bzrijf" fmdjbmi `bnrni mtj qn{nr i`zbbnrfn erj gjmmibmi
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cjwn ommcmfj orfr (CJ-" rjwmbjf cjwn (CJ-" fd nncngn wmdnrm tjrcn}j wnrnlfgnf
qnrn mbj (QW- tnwf nbfr& Wmdnrm tjrcn}j wnrnlfgnf QW cmiwnrf qnrn mbj tnwf nbcnt"
>4/4?
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8/14/2019 Finansal Kapital_Gazi
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jfgtwrm}jb tjrcn}jfmf (CJ#QJ- jbmfgjim cjwnf gjjrmfmf qnrn ommcmfj gfjrji
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mmf wmdnrm tjrcn}j tnhmom" jbmfgjim cjwn} (C- tnwcnt ejrjimr&
jimb >#Lmfnft Tjrcn}jfmf L`rcnb GfetQO QO Onfin Tjrcn}j Gfet
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f`iwngn mtj" cjwnbnr g`bncgnf jimbmrijf }jrmfm qnrn nbndniwr& Ozrngnim cjwnbnr }n }jfm
omr rjwmc trjdmfj emrcj nfbncfgn g`bncgnf jimbjdjiwmr }n gn wijwmbgmm mmf wncncjf
g`bncgnf ic `bndniwr& Onfin tjrcn}jtmfm wmdnrm tjrcn}j}j gj o`r qnrn |jrgmm
gfbjdji `bzrtn" onfin tjrcn}jtmfmf gfet |j g`bn}t}bn lmfnft tjrcn}jfmf gfet
nngnim emom ejrjibjjdjiwmr (Wh`cqt`f" >=55; ?:1-;
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`bgzin fjcbmgmr& W`qbnc qnrntnb#tjrcn}jfmf gfet `bnrni gn wnfcbn}nombjdjmcm{
lmfnftnb tjrcn}jfmf gfet ejrji }jfm gjjr rjwmc trjdmfm onbnwcnt" ejrjitj }nrnwbnf
gjjrbjrmf rjnbm{nt}`fz ntfgnf inqmwnbm{c ntfgnf `bgzin fjcbm mbj|bjr }ibjfmr&
>?&Ozrngn wjcjb omr t`rz mbj inrbncniwn}{& Tjrcn}jfmf w`qbnc t`t}nb gfet mmfgj"
trjibm `bnrni ninf qnrn#tjrcn}j}m imc i`fwr`b jgjdjiwmr0 Oz t`rz}n dj|nq `bnrni" onfin#
>7/4?
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tjrcn}jtm }n gn jfgtwrm#tjrcn}jtm dj|nof |jrcji g`rz" lninw jitmi omr dj|nq `bndniwr&
I`fwr`b jbmfgj ozbzfgzrnf o}i bjibm lmfnftnb `bcn}nf lmrcnbnrf |nrb }n gn
onfinbnrf |nrb oz nfbncgn i`fwr`bf fjgjfm gjmb" tjrcn}j omrmimc trjdmfgj trjejbjf
omr gm{m mtjb gmfncmibjrmf t`fzdzgzr& O}bjdj i`fwr`b onfin#tjrcn}jtmfmf cm }`itnjfgtwrm#tjrcn}jtmfmf cm jbmfgj wzwwzzfn gnmr trgrbjf wnrwcnbnr G&Hnr|j}mf
|zrezbng nfbncgn o}i bgj t`rzfz nfbncnc{ {`rbnwrndni cmtwmi omr mjrmi in{nfr&
O}i cmiwnrgn qnrnbnrf i`fwr`bf jbmfgj ozbzfgzrnf mrijwbjr |j mrijw }fjwmdmbjrmfmf
|nrbff ombmctjb nfnbm{m mmf" mbi jwnqwn oz o}i t`czw edf ijfgmtmfmf {j mbmimf omr
gm{m mtjb gmfncmmf gn |zrz ommcm `bgzzfz ojbmrwcji ejrjim}`r (Hnr|j}" >=87; 4>5-& Oz
nfbncgn }zinrgn ojbmrbjgmmcm{ }fwjcmf ojbmrbj}mdmbmmfgjf hnrjijwbj oz wncncjf
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nrntfgnim gmfncmi mbmimgjf onhtjgm}`rz{"ncn oz nncngn oz mbmimfmf gnhn gmfncmi |j
gnhn t`czw `bnrni nbg ommcbjr fjc in{nfcniwn& Omrj}tjb tjrcn}jfmf" tjrcn}jfmf
w`qbnc t`t}nb gfetfgjim lnrib mbj|bjrm mmfj nbndni jimbgj g`fnfc in{nfcnt |j
{ncnfbn" tjrcn}jfmf lnrib mbj|bjrm nrntfgnim mtjb onbnfwbnrf }`zfbncnt tjrcn}jfmf
}`zfbncnt |j cjrij{mbjcjtmfmf g`nb t`fzdz `bnrni nfnbm{ jgmbcjtm ejrjim}`r& `i
gjwn}n emrcjgjf oz mim in|rnc hniifgn itn ombem |jrcji nfbncb `bndni&
>4&Tjrcn}j omrmimc trjdm wnrmhtjb `bnrni" ontmw i``qjrnt}`fgnf" cnflniwrj"
cnflniwrgjf" lnormin}n gn}nb rjwmcj gfjrji lnrib j|rjbjrgjf ejjr& Oz j|rjbjrgjf
ejjrijf omrj}tjb tjrcn}jbjr nrntfgnim rjinojw {jb omr fjc wnr&>1
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`bzwzrnf hjr omrj}tjb tjrcn}j" `bnombjf jf h{b omrmiwmrcj}j zbncni ncnd}bn" g`rzgnf
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8/14/2019 Finansal Kapital_Gazi
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Tjrcn}jfmf w`qbnc cmiwnrff nrw}bn omrbmiwj" w`qbnc tjrcn}j mmfgj }jr nbnf omrj}tjb
tjrcn}j" cbim}jw mbmimbjrm fjgjfm mbj {jbbmibj cmrnt fjgjfm mbj oz }`zfbncn}n qnrnbjb
`bnrni n}rdn tjrcn}j tnhmqbjrm nrntfgn omr obfcj}j fjgjf `bzr& Obfcj}j wjqim `bnrni"
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ii tjrcn}jfmf" omrin o}i tjrcn}j}j gfwrbcjtmgmr& Oz trjdm gnhn fdjim
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`bnrni w`qbnc tjrcn}jfmf o}i omr itc rjwijf#tjrcn}j `bnrni ojbmrbm jbbjrgj w`qbnfr&
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8/14/2019 Finansal Kapital_Gazi
17/32
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>5/4?
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tjrcn}jtmfmf omr obcf itn |j}n z{zf trjbm `bnrni hmttj tjfjgmfj }nwrnombmr& Itndnt
nf`fmc mrijwbjrm" onfinff trjibm inr hnbmfj ejbmr& Onfin" omr }nfgnf irjgmfmf }jrmfgj
izbbnfbcntf tnbncni mmf mrijwm }nifgnf i`fwr`b jgjrijf" wj }nfgnf wc in{nf
ejwmrmdm cnbm mbjcbjrm ijfgmtmfj i`wnrcni mmf" mrijwj |jrgmm cmiwnrgn jejcjf `bcni
{`rzfgngr&&& Hmttj tjfjgm tnhmqbmm" onfin}n ijfgmtmfmf wjctmb jgmbcjtmfj onbnfewn inr
inf mrijwbjrj flzt jwcj `bnfn tnbncniwngr (Hmbljrgmfe" >==:; >=:-& Hmbljrgmfej erj
t`fzwn" jfgtwrmfmf izbbnfg tjrcn}jfmf o}i omr itc {ncnfbn jfgtwrm tnhmomfmf tnhmq
`bcng tjrcn}j}j gfr& T`fz `bnrni Hmbljrgmfe onfin tjrcn}jtm `bnrni wnfcbng
>8/4?
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qnrn ommcmfgjim tjrcn}jfmf jfgtwrm tjrcn}jtmfj gfwf ojbmrwwmiwjf t`frn" gfjf
oz tjrcn}j}mlmfnft inqmwnb`bnrni in|rncbnwrcwr Tjrcn}jfmf lmfnft inqmwnb nncntfgn"
jfgtwrm nrwnf `rnfbnrgn onfin#tjrcn}jtmfj onb hnbj ejbmr (Hmbljrgmfe" >=8>; ??:-&
Hmbljrgmfe nfnbm{bjrmfm gnhn gn ejfjbbjwmrjrji" efc{ ji`f`cmbjrmfm gj nfbncnc
{
i`bn}bnwrndni fjcbm omr |zrez }nqcwr9 Inqmwnbmtwbjr" omr `zfzf t}bj}jdji omrj}mfmf
`bcn}ndn g`rzbwzgn omr w`qbzc `rwn}n inrrbnr& rjwijf tjrcn}j {jrmfgjim ejrji
i`fwr`b" ozfzf nfdni omr itcfn tnhmq `bnfbnrn nmwwmr (Hmbljrgmfewjf niwnrnf Tuj{{}" >=5:;
4=5=; 7?-& Bjfmf" onfinbnrf jwimfbmmfj mbmimf trjdm" t`czw mbj}jf omr
trj `bnrni nfnbm{ jgjr; &&&onfind
b
i mbmimbjrm" dnrm hjtnqbnr
wzwcn |j onin cnbm mbjcbjrm}nqcn }`bz}bn fdj jmwbm inqmwnbmtwbjrmf cnbm gzrzcbnrf wnc |j g`rz `bnrni rjfcji"
t`frn gn irjgmbjrm gnrnbwnrni |j}n ejfmbjwjrji" i`bn}bnwrnrni |j}n {`rbnwrnrni `fbnr
gjfjwbjcji" jwimbjcji" |j fmhn}jw `fbnrf ingjrmfm wnc nfbnc}bn ojbmrbjcji" ejbmrbjrmfm
ojbmrbjcji" `fbnr tjrcn}jgjf }`itzf ornicni }n gn tjrcn}jbjrmfm h{bn |j `i o}i
bbjrgj nrwrcnbnrfn m{mf |jrcji mcinff jbgj jgjrbjr (Bjfmf" >=5=; 78-& Bjfmf"
Hmbljrgmfemf >=>5 }bfgn }nqw |zrez}z wjirnrbnr9 &&o}bjdj ?1&}{}b" jtim inqmwnbm{cmf
}jrmfm }jfmtmfmf" ejfjb `bnrni tjrcn}j jejcjfbmmfmf }jrmfm cnbm tjrcn}j (lmfnft inqmwnb-
jejcjfbmmfmf nbg gfc f`iwntf `bzwzrzr (Bjfmf" >=5=;
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8/14/2019 Finansal Kapital_Gazi
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wnfcf hjr fj ingnr rjwmcmf }`zfbncnt" ozfgnf wjijbbjrmf g`cnt" onfinbnrf tnfn}m
mbj omrbjmq in}fncnt |j}n m mj ejcjtm" cnbm tjrcn}jfmf g`zzfzf wnrmhm |j 22cnbm
tjrcn}jfmf66 wjrmcmfmf mjrmm ozgzr gm}`rtn gn" nbcntff mbjrbj}jf obcbjrmfgj onfin#
tjrcn}jtm mbj tnfn}m tjrcn}jtm mbmimtmfmf omrmfdmfmf mimfdm {jrmfgj czwbni ojbmrbjgmm omrmbmim ommcm `bnrni jbj nbcwr& Enr}&Q&Erjjfmf gjwn}b nbcntfgn ojbmrwwmm emom"
Hmbljrgmfe |j Bjfmfmf lmfnft#inqmwnb wnfcbnr {gj onfinbnrf i`fwr`b {jrmfgj
}`zfbncnbnr ntfgnf omromrbjrm mbj ijtmjf omr wj`rmi jrj|j}m qn}bncniwngrbnr (Erjjf"
>=85; >=-& im gfr ntfgnf jtnt ojbmrbj}mdm `bnf n}rcn" lmfnft#inqmwnbm tjrcn}jfmf
omrmimc trjdmfgj tjrcn}jfmf lnrib mbj|bjrm mjrjdji jimbgj rewbjfcjtm }ffgjim
Bjfmfmf mcnbnr `bcntfn rncjf" oz mcnbnr tmtwjcnwm{j `bcng mmf" ozfbnr mim }n{nr n}rw
jgmdm fmwjbmibjr `bnrni jbj nb
fncn{& Hm iziztz{ Bjfmfmf Hmbljrgmfej jtnt `bnrniinwbcng f`iwn Hmbljrgmfemf lmfnft#inqmwnb in|rncbnwrcntfn onb `bnrni mbjrm trg
q`bmwmi nbcbnrgr&
Hmbljrgmfemf nfnbm{bjrm" Cnritmtw ji`f`cmi nfnbm{ ntfgnf fjcbm omr nncn} mnrjw
jwcjibj omrbmiwj" fdjbmibj onfin#tjrcn}jtmfmf jfgtwrm#tjrcn}jtm {jrmfgjim jejcjfbmm
}ffgjim in|rncbnwrcnt fjcbm bgj |j hnib omr jbjwmrmfmf |nrbfn fjgjf `bczwzr&
Jbjwmrm onfin#tjrcn}jtmfmf jfgtwrm#tjrcn}jtm {jrmfgj jejcjfbmmfm ojbmrbj}mdm `bgzz
}ffgjim ejfjbbjwmrcj}j mbmimfgmr& U&I&Dnr`bzf |zrezbng
emom Hmbljrgmfemf Nbcnf}nqrnwmmfgjf jbgj jwwmm t`fzbnr" inqmwnbm{cmf zbnw nncnff ji`f`cm#q`bmwmmfm
wnfcbn}ndni bgj ejfjbbjwmrcjtm" lmfnft#inqmwnb in|rncff owftjb nfnbm{mfmf }nqbcnt
ntfgnf jmwbm {`rbzibnrn fjgjf `bczwzr (Dnr`bb" >=8=; 8?-&>?
Gnhn jrijf gfjcgj }nqbnf
omr jbjwmrmgj Q&Tujj{}" Hmbljrgmfem inqmwnbmtw ejbmcjfmf ejmdm omr gfjcmfm trj emgjf omr
wrjfg `bnrni nbcn hnwntf mbjgmmfm ojbmrwcmwmr& mrijwbjr |j Omrbmibjr `bzzrijf" onfinbnr
twrnwjkmi gzrzcbnrf |j jwimbjrmfm rjwmc g{jfmfmf imbmw nbnfbnrfn z{nwcn `bnfn
ozbczbnrg
r& Ncn omrbjcj trjdm }bjdj tr emwcj{& Oz trjdmf t`f t
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ijtmdm rjinojwmf hn}nbm ejmq jf ejfjb |j {`rzfbz c`f`q`bd ncnbnr mmf nfbncn}n
|nrbfdn" gnhn mbjrm omrbjcjbjr tj}rjibjmr" hnwwn t`f ozbzr& Oz gzrzcn ejbmfdj onfinbnrf
r`b o}i bgj gjmmr (Tuj{{}" >=51;4:?-& Tuj{{}" oz fjgjfbjrgjf g`bn}" lmfnft#
inqmwnb in|rnc }jrmfj c`f`q`bd#inqmwnbm{c wnfcff gnhn nfbncb `bndnf ojbmrwmr& Gmjr
}nfgnf" omr gm{m onin jbj nbwn" {jbbmibj fembwjrj |j Ncjrmin gjfj}mcbjrmfgj lmfnft#inqmwnb
`beztzfzf Nbcnf}n}n erj gnhn lnrib mbmimbjr mmfgj ejrjibjwmm |zrezbnfcwr& &&&fi
?1/4?
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gmjr bijbjr mmf ejjrbmbmi wntn gn Hmbljrgmfe |j Bjfmfmf gfdjbjrm fdjbbmibj j|rjftjb
onfinff wmqmi `bgzz tnfn}mbjcm @rwn N|rzqn}n hicjgjf tmtwjc {jrmfgj }nqwibnr
e{bjcbjrbj wjcjbbjfgmrcmbjrgm& fembwjrjgj wmdnrm onfinbnr" tnfn}m}j itn |ngjbm irjgm
|jrcji |j gjcj mbjcbjrmfm }rwcji {jrmfgj }`zfbn
rijf" Nbcnf j|rjftjb onfind
b
itmtwjcm" tnfn}m mrijwbjrmfmf }fjwmcmfm" hmttjgnrbf |j hmttj tjfjwbjrmfmf qn{nrbnfcnt
mm}bj oz mbj|bjrmfm owfbjwmrcmwm (D`nibj}" >==4; ?4>#?4?-&
Hmbljrgmfe |j Bjfmfmf lmfnft#inqmwnb in|rncbnwrcntfgn" jbjwmrmbcjtm ejrjijf wjcjb
f`iwn" wj`rmbjrmfgj {j mbmimf omr jitmibmmf |nrbgr& Tjrcn}j omrmimc trjdmfgj onfin |j
jfgtwrm tjrcn}jtmfm wncncjf omromrmfgjf n}r" hjr omrm tjrcn}jfmf lnrib mbj|bjrmfgj
z{cnfbnc omrmcbjr `bnrni jbj nbfcnt" tjrcn}jfmf wnrmhtjb ejbmmc gmfncmibjrmfj z}cn}nf
ncqmrmi omr ombemgmr& O}bj omr }nibn
c" tjrcn}jfmf cjrij{mbjcjtm" omrj}tjb tjrcn}jfmfi`fwr`bfgjim tjrcn}j cmiwnrff nrwcntfn qnrnbjb `bnrni" rjwijf#tjrcn}j mbj onfin
tjrcn}jtmfm mjrjdji omr ejbmcj etwjrcjtm |j oz nfbncgn" n}f omrj}tjb tjrcn}jfmf"
tjrcn}jfmf w`qbnc gfetff lnrib mbj|bjrmfm twbjfjrji ejbmcjtm e{ nrg jgmbcjiwj&
]nfm tjrcn}j omrmimc trjdm mmfgj" w`qbnc t`t}nb tjrcn}j gj e{bjcbjfjf nrw |j
cjrij{mbjcj" omrj}tjb tjrcn}j ntfgnf tngjdj gnhn ln{bn jfgtwrm tjrcn}jtmfj tnhmq `bcn
}n gn onfin tjrcn}jtmfj tnhmq `bcn jibmfgj ejrjibjcjcjiwj" wnc wjrtmfj lnrib omrj}tjb
tjrcn}jbjr" omrmimc cmiwnr
btfgj tjrcn}jfmf gmjr mbj|bjrmfm mmfj nbndni jimbgj omr}nq}n gfcjiwjgmr& Oz i`fzgn K&Q&Gjbmbj{mf }nqw }`rzc `i nfbncbgr9 &&&gj|
emrmmcbjr mbi fdj `w`#lmfnftcnf izbbnfnrni o}cjbjrmfm tnbncn}n }fjbmrbjr& Lninw
ejrji tjrcn}j omrmimcm |j qnrn#tjrcn}j hnrjijwm nrntfgnim mbmimbjr" `fbnr omr cnbm
q`bmwmin}n tnhmq `bcn}n |j t`}zw tjrcn}jfmf ejfjb hnrjijwmfj inwbcn}n ewrr&&& Tnfn}m
erzqbnr" qnrn#tjrcn}j qn}ff omr itc}bn }nn}nf onfin jojijtmfm ozfgnf cnhrzc
jgjrji" ijfgmbjrmfj {e z{cnfbnc lmfnftcnf `renfbnrf `bzwzrzrbnr (Gjbbmbj{" >=5=8=; 87-&
?>/4?
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Oz n}rc" {jbbmibj >=51bjrmf gf}ntff nfnbm{ mmf {jb omr fjc wnr& rjwijf tjrcn}j
inrtfn qnrn#tjrcn}jtm }n gn onfin tjrcn}jtmfm inrcni" rjwijf tjrcn}j tnhmqbjrmfmf
onfin#tjrcn}jtm inrtfgn `bzcbncni }ffgjim jmbmc" jitmi omr in|rncbnwrcnff
rfgr& Hmbljrgmfe" hjr fj ingnr nfnbm{mfgj n
in t`rzfzf cbim}jw mbmimbjrm |j cbim}jwmfcjrij{mbjcjtm `bnrni ojbmrwcmtj gj" nfnbm{mfj gj|nc jgjrijf qnrn#tjrcn}jtm mbj onfin
tjrcn}jtm nrntfgnim n}rcn trnrbn onb inbcwr& Ozrngn wnrmhtjb omr trj |j oz trjdj
mbmimf ejrjibmi" }nfm onfin#tjrcn}jtmfmf mbi jwnqwn lnrib omrj}tjb tjrcn}j tnhmqbmm
g`rzbwztzfgn ejrjibjwmm |j ojbmrbm omr nncngn ozfzf jfgtwrm}jb#tjrcn}j mbj mbmim}j
emrgmm gfbjdji `bzfzrtn lmfnft#inqmwnb in|rncbnwrbcnt gnhn ejrjim omr o`}zwn
wnfc `bzr& Oz wnrmhtjb trj mtj" om{j tjrcn}jfmf lnrib ijtmcbjrmfmf lmfnftnb g`bnc
{jrmfgjim i`fwr`bf wnf
cbncnc
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rndniw
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mjrjdjijimbgj hjejc`fmii`fwr`bfgjf onhtjwcjcm{ ccif bndniwr& Lninw ozrngn jtnt
ojbmrbj}mdm `bnf" t`t}nb tjrcn}jfmf w`qbnc gfet mmfgj (on{- omrj}tjb tjrcn}jbjrmf
rjinojw i zbbnrf nringn orninrni" ijfgm |nr`bz i zbbnrf tnbncbnwrcnt }nfm
omrmimcmf } zfbzz btfgj mbj|tjb lnribbncn} omrj}tjb tjrcn}j `bnrni ijfgm mmfgj
ejrjibjwmrcjtmgmr& Oz |zrez ojrnojrmfgj om{m lmfnft#inqmwnbm }jfmgjf wnfcbncn}n" {j
mbmimf omr wnfcbncn}n ewrcjiwj& H&@|jjroji Lmfnfdj Dnqmwnb nfg Whj Drmtmt mf Ormwnmf
ngb nbcntfgn o}bj omr wnfcbncn} gjtwjibj}jdji |jrmbjr tzfcniwn& Oz |jrmbjr fgn"
lmfnft inqmwnbm9 wjijbbjcj |j zbztbnrnrntbncn i zbbnr nbwfgn qnrn#tjrcn}jtm" rjwijf#
tjrcn}j |j wmdnrm tjrcn}jfmf gfetff jfwjernt}`fz `bnrni wnfcbncwr& Jfwjernt}`f
trjdm" omrj}tjb tjrcn}jbjr nrntfgn omr gm{m mtjb mbmim |j onbnfwbnrf izrzbcnt nfbncfn
ejbcjiwj (@|jrojji" >=81; >1?-&>4 H&@|jrojji hnib `bnrni" tjrcn}j gfebjrmfmf
owfbjcjtmfmf trjibmbmi etwjrjf }nqtnb omr {jbbmi `bgzzfz ojbmrwmr& ]nqtnb omr {jbbmi
`bnrni tjrcn}jfmf w`qbnc t`t}nb gfetfgjim owfbjcj jmbmcbjrm" omrj}tjb tjrcn}jbjr
nrntfgn omr mbmimbjr n `bzwzrzr& Oz mbmimbjrm grw onb nbwfgn w`qbn}nombmrm{9
>&lmfnftnb(hmttjbjrmf tnhmqbmm9 z{zf#gfjc irjgm |j wnh|mb9 itn gfjc irjgmbjr-9
?&hm{cjwbjr(jbj#ejmrcj |j omrbjcjbjrj mbmimf wbjr9gmjr lmrcnbnr mmf q`rwl}
}nwrcbnrff }fjwmbcjtm-9
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H&@|jrojji oz |zrezbnrgnf t`frn" }zinrgn trnbnfnf mbmimbjrmf omr owf `bnrni ejbmwmmfm
|j lninw wnrmhtjb |j }ntnb nrwbnrn onb `bnrni lnrib mbmimbjrmf lnrib bijbjrgj gnhn ojbmrbj}mdm
`bgzzfz ojbmrwcmwmr& rfji `bnrni Nbcnf}n |j Ncjrmingn lmfnftnb |j izrzctnb mbmimbjrmf
mbi jwnqwn ojbmrbj}mdm `bgzzfz" ozfn inr
b
i" fembwjrjgj mtj hm{cjw |j jfl`rcnb mbmimbjrmfojbmrbj}mdm `bgzzfz |zrezbncwr (@|jrojji" >=81; >14-&
Tjrcn}jbjrmf lnrib gfebjrmfmf owfbjcjtm |j ozfn onb `bnrni omrj}tjb tjrcn}jbjr
nrnt mtjb onbnfwbnrf nrwcnt nfbncfgn lmfnft#inqmwnb wnfc" omr }nfgnf }zinrgn
|zrezbngc{ nfbncgn lmfnftnb gfe} wnfcbn}nf mbmimbjrgj ojbmrbj}mdm `bnf tjrcn}jfmf
gmjr tjrcn}jbjr {jrmfgj hjejc`f}n izrcnt" gmjr }nfgnf gn tjrcn}j omrmimc trjdmfgj oz
hjejc`fmi edf {ncnf mmfgj lnribbnnrni ijfgmfm nn inrg" tjrcn}jbjr nrnt }jfm
mbmimbjrm |j `renfm{nt}`fbnr
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jrj|j tzfcniwn& O}bj omr jrj|j mtj" }zinrgn nfbncb `bgzzfz ojbmrwwmmcm{" i nbmt}`f
}n gn hjejc`fmi i`fwr`bf {fgj tjrcn}j omrmimc trjdm mbj tjrcn}jfmf cjrij{mbjcj
jmbmcbjrmfmf ijtmwmm |j {jbbmibj tjrcn}j omrmimc i`zbbnrff ojbmrbjgmm t`czw trjbjrgj
imcbmi in{nfg ejrjmfm nn inrwr&
\MM#>=51bjrgj Gf}n Inqmwnbm{cm |j Lmfnftnb Inqmwnbmf Ojbmrbj}mdmbmm
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lmfnftnb lmrcnbnrbn" lmfnftnb `bcn}nf lmrcnbnr nrntfgnim mbmimbjrgj fjcbm gjfjdji omr
gfc onbnc |j omrj}tjb tjrcn}jbjrmf n}niwn inbcn nrw qnrntnb tjrcn}j}j zbncn |j
`fz i`fwr`b jwcjtmfj onb hnbj ejbcmwmr& Qnrntnb tjrcn}jfmf omr nfgn ojbmrbj}mdm `bcntff
fjgjfm" ntbfgn tjrcn}j omrmimcmfmf ojbmrbm omr ommcmfmf `bezfbncntff g`nb t`fzdzgzr&]`zf tjrcn}j omrmimcmfmf >=51bjrgj irm{j emrcjtmfmf wjcjbmfgj" gjjrmf cjwn ommcm
ojbmrbj}mdm `bzrijf (gjf ir `rnfbnr" nrwnf mm hnrjijwbjrm" |t- n}f {ncnfgn rjwmc
trjdmfgj }jfm gjjr }nrnwcn |jrmbm tjrcn}j omrmimc ommcmfgj emwwmij gnhn {`rbncwr&
T`fzwn |jrmbm gjjrbjr" tjrcn}jfmf w`qbnc gfetfgj qnrn#tjrcn}jtm mbj rjwijf tjrcn}j
nrntfgn trj ejbjf hm}jrnrmi ncn gjfejbm mbmimfmf o`{zbcntfn |j hm}jrnrmfmf wjrtmfj
gfcjtmfj fjgjf `bczwzr&>: Qnrn#tjrcn}jfmf }jfm gjjrbjfcj `bnfnibnrff gn n{nbg
i`zbbnrgn" czn{{nc cmiwnrbnrn |nrnf qnrn#tjrcn}j>=51bm
}bbnrbn omrbmiwj9
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(mm-#qnrnff gfjcbjr nrnt lm}nw `bnrnilnm{"
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Izcnrhnfjfmf ejrji niwrbjrm izcnr `}fnrijf" `}zfn inwbcn}nf |j oz nfbncgn niwr
`bcn}nf o}i imwbjbjr oz izcnrf t`fzbnrfn inwbnfcniwn& @}fnfnf izcnr mtj" hjr ejjf
ef t`t}nb tflbnr nrntfgnim |jrmbm e mbmimbjrmfmf lnribbncntfn |j }`zfbncntfn }`b
ncniwn& Ozrngn wjcjb ojbmrbj}mdm `bnf" #t`f {ncnfbnrgn bijcm{gj tin |zrezbnfg emom#
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in}fnibnrf jb gjmwmrcjtm }nwcniwn& \jrmbm gjjrbjrmf jb gjmwmrcj trjdm mmf" onfin |j
o`rtnbnrf }nrnww hn}nbm gjjrbjr {jbbmibj ojbmrbj}mdm `bcniwn& Irm{ inrtfgn gnhn
g`fnfct{ `bnf omrj}tjb tjrcn}jbjr mmf" o`rtn |j onfingn rjjb gjjrbjrm `bcn}nf hn}nbm
gjjrbjr {jrmfgj n}niwn inbcn trjdm" omr trj t`frn jbbmfgjim qnrntnb `bcn}nf |nrbibnrf
h{bn qnrntnb gjjrbjr ommcmfgj jb gjmwmrcjtmfj }`b ncniwn& Ozrngn obc mbmimbjrmfmf
h{bnfcntfgn qnrn#tjrcn}jtm mimbm omr erj| twbjfcmwmr& Qnrn tjrcn}jtm omr }nfgnf" nn
inf qnrntnb#tjrcn}jfmf g`bnc trjdmfgj }jfmgjf gjjrbjfcjtmfj }`b nnrijf" gmjr
}nfgnf gn g`bnc trjdmfmf nrwnf }`zfbzzfgn |jrmbm qnrn#tjrcn}j cmiwnr czn{{nc
cmiwnrbnrn |nrrijf" n}f {ncnfgn h{b omr ommcgj jb gjmwmrcjiwjgmr& Oz mlwj trj"
t`fzwnlmfnftnbgjrmfbjcjfmf gnhn gn nrwcntfn fjgjf `bczwzr&>
>=51bjrm fdjbj}jf }`zf tjrcn}j omrmimc ommcmfmf t`fzdz `bnf qnrntnb#lmfnftnb
ejfmbjcj" n}f {ncnfgn }jfm omr tjrcn}j omrmimc ommcmfmf gj lmfnft jgmbcjtm mmf wjcjb
in}fni `bczwzr&Jtfji tjrcn}j omrmimc wnr{ gm}j wnfcbn}ndnc{ oz }jfm nncngn" gjjr
}nrnwcn i`zbbnrff ffgjim jfejbbjrm inbgrcn }ffgjim cjwn |j qnrn i`fwr`b rjkmcbjrmfmf
gjmmcm" }nqtnb tfrbbibnrf nbcntfgn qnrn tjrcn}j }jfm mbj|bjr }ibjfcmwmr& O}bjdj
mbi jwnqwn jcjmf |j qnrnff }jfm i`fwr`b rjkmcmfm ejbmwmrcji mmf omrj}tjb tjrcn}jbjr mmf
qnrn#tjrcn}jtm fjc in{nfgin" omrj}tjb tjrcn}jbjrmf qnrn#tjrcn}j}j `bnf oncbb
gnhn gn nrwcwr& Ozrngn dj|nq |jrmbcjtm ejrjijf `bez" qnrn#tjrcn}jtmfj fmmf oz ingnr
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Tjrcn}j omrmimcmfmf w`qbnc gfetfgj >=51bjrgj e{bjcbjfjf irbcn jmbmcbjrm"
ojrnojrmfgj }jfm tjrcn}j omrmimcm mmf `bnf jtfji tjrcn}j omrmimc wnr{ mmf omr gm{m
cjinfm{cnff ejbmcjtmfj fjgjf `bgzz bgj qnrn#tjrcn}j wnbjom gnhn gn nrwcwr& Qnrn#
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fn fjgjf `bnf fjcbm gjmijf9#}jfmrjwmcwjifmibjrm mmf nrwnf wjif`b`kmi }nwrc"
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}jfm cjinfbnrn }nwrc }nqcn"
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nrwrg bgj" omrj}tjb tjrcn}jbjr }jfmgjf }nqbnfcn trjdmfgj rmtibjrj inrbi e|jfbmi
ncnd mbj trjibm `bnrni qnrn#tjrcn}j wzwcn jmbmcmfj emrcjtm qnrn#tjrcn}jfmf hndmc `bnrni
gnhn gn nrwcntfn }`b ncwr&]jfmgjf }nqbnfcn omrj}tjb tjrcn}jbjr mmf n}niwn inbcn nrw mijf" oz `bnfnn zbnnfbnr
tngjdj |j tngjdj omrj}tjb tjrcn}j g`fnfcff ojbmrbm omr }`zfbncn gjrjdjtmfj zbnnfbnr
`bczwzr& ]jfmgjf }nqbnfcngn onnrb `bcnff }`bz oz nfbncgn omrj}tjb tjrcn}jbjrmf
gjjrmf jf t`}zw ommcm `bnf qnrn in}fnibnrfn zbncn mbj omrbmiwj oz in}fnibnr }jfmgjf cjwn
|j wmdnrm tjrcn}j gfetfgj izbbnfnf tjrcn}j omrmcbjrm `bczwzr& Oz gmrjiw `bnrni wc oz
mbj|bjrmf wji omr tjrcn}jgj w`qbnfcnt nfbncfn ejbcjgmm bgj" lmrcnbnr nrnt }jfm mbmim
ommcbjrmfmf" ejrji rjwmc" ejrji lmfnftnb ejrjitj wmdnrm nncngn efgjcj ejbcjtmfj }`bncwr&
Oz oncbbi mtj tjrcn}jfmf w`qbnc gfetfgjim tjrcn}jbjr nrnt mbmimbjrmf nrwwrndni
jimbgj omrj}tjb tjrcn}jbjr" qnrn#tjrcn}j}j zbncni mmf jwimfbmi nbnfbnrf onfin |j o`rtnbnr
g`bn}cfgn }jfmgjf rewbjcj}j onbncwr& fembwjrj mmf H&@|jrojji" Infngn mmf
D&Umbbmncf }nqw nbcnbnrgn tjrcn}jfmf w`qbnc gfet mmfgj tjrcn}jfmf lnrib
mbj|bjrm mmfgj mtjb onbnfwbnrf nrww ozbezbnfcwr&>5
MX#Lmfnftnb Tjrcn}jfmf |j Lmfnft#Inqmwnbmf Zbztbnrnrntbncnt
>5&I`fwr`b nfbncfgn lmfnft inqmwnb |j tjrcn}jfmf w`qbnc gfetf mnrjw jwcj
nfbncfgn lmfnftnb gfe" }`zf tjrcn}j omrmimc ommcmfmf zbnw nncn}n onb `bnrni
>=51bm }bbnrgnf mwmonrjf zbztbnrnrntbncn}n onbncwr&
Tjrcn}j omrmimc trjdm" zbztnb tfrbnr mmfgj gjjr#omrmiwmrcj i`zbbnrf ejrjibjwmrcmtj
gj" tjrcn}j omrmimc trjdmfmf ijfgmtm `fw`b`kmi `bnrni zbzt#oncb omr in|rnc }n gn
ejrjibmi gjmbgmr& Tjrcn}jfmf w`qbnc t`t}nb gfetff ombjjfbjrm `bnf wmdnrm" qnrn |j
> Lmfnftnb ejfmbjcj |j gjrmfbjcj mmf oni;L&Jrdnf(>==+-
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omrmiwmrcj trjdm wnrmhtjb `bnrni gf}n#bjmfgj }nnfnf omr trjwmr& T`rzf zbztnb o`}zwwnf"
zbztbnrnrnt
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`bzr im" oz lnribbibnr owftjb `bnrni tjrcn}j omrmimc trjdm mbj tjrcn}jfmf lnrib ombjjfbjrm
fjcbm bgj jwimbjr&
rjwmcmf zbztbnrnrntbncnt mbj omrbmiwj nrw#gjjrmf qnrn |j cjwn ommcmfmf
zbztbnrnrntbncnt" {jbbmibj >=51 t`frnt qnrn#tjrcn}jfmf hndmc |j h{ `bnrni nrwcntff
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}jfmgjf rjwmcmfmf >=51bjrgjf mwmonrjf zbnw ommcm" gf}n inqmwnbm{cm `bnrni wnfcb}`rz{
|j oz wnfcbncn mmfgj lmfnft inqmwnbm" rjwijf tjrcn}j |j qnrn#tjrcn}jfmf omrbmiwjbmm `bnrni
wnfcbn}nf Hmbljrgmfe |j Bjfmfj inrbi" gnhn fdjgj ojbmrwwmmcm{ emom" efc{gj
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nrntfgn omr gm{m gjfjwmcm tnbncn ngfn" mwwmlnibnr izrzbnrni tjrcn}jfmf oz mbj|mfmf eb
omr jimbgj omr nrn}n ejwmrmbgmmfm er}`rz{& T`fzwn " lmfnft#inqmwnb ejrji g`bnc
nfbncfgn ejrjitj e nfbncfgn zbztbnrnrntbncwr& Twj|jfmf |zrezbng emom" efc{
zbztbnrnrnt tjrcn}j }n gn inqmwnbm{cm wnfcbn}nf mimbm mbmim (g}ngmd- gjmb b (wrmngmd-
mbmimbjrgmr& o}i hndmcbm lmrcnbnr tjrcn}jfmf oz n}r gfetfgj n}r n}r
z{cnfbncn}n emwcjiwjgmr; }nfm lmrcnbnr rjwmc trjdmfm trgrrijf (rjwijf tjrcn}j-"
onfinbnr (onfin tjrcn}jtm- }nwrc mmf qnrn tnbncniwn |j wmdnrm mrijwbjr(wmdnrm tjrcn}j- mtj
rjwmbjf cnbbnrf qn{nrbncntf }nqcniwn (Twj|jf" >==7; ?57-& Tjrcn}jfmf lnrib
erfcf ijfgm mmfgj w`qbn}nf o}i inqmwnbmtw lmrcnbnr" g`nb `bnrni hnrjijw nbnfbnrf
h{bn ejfmbjwcj jmbmcm mmfj emrgmm mmf" trj omr owf `bnrni gf}n bjmfgj
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irbbi `rnfbnrf nrwrrijf" oz gfe} jwimf omr jimbgj mtjbbjwmrcj}jf omrmcbjr"
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`bnfn nfbncfn ejbm}`r& T`f {ncnfbnrgn trjibm gmbj ejwmrmbjf tjrcn}jfmf nr#c`omb `bgzz
}ffgjim |zrez oz nfbncgn }nfb omr mlngjgmr& Tjrcn}jfmf wc mmf wnc nfbnc}bn
tjrojtwbmiwjf onhtjwcji `bnt gjmb; z}ezf i`zbbnrf wijwmbcjtm" nfdni ojbmrbm omr cmiwnrn
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Nfdni i`fwr`b jgmbjf tjrcn}j cmiwnr ojbmrbm omr g{j}j ejbgmmfgj zbztbnrnrnt irbbi
`bnfnibnrf wijwcji `bnt hnbj ejbcjiwj&
Oz nbcngn tngjdj lmfnftnb inqmwnb in|rnc mmf ejfjb omr jrj|j inrwbcwr&
Lmfnftnb#inqmwnb in|rnc in|rnctnb g{j}gj }jwimf omr jimbgj nfnbm{ jgmbgmmfgj" t`f
gfjcgj mmfgj }nngc{ fj`#bmojrnb q`bmwminbnr mbj lmfnft#inqmwnb nrnt onbnfwbnr gn gnhn
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inqmwnb mmf qnrn |j cjwnbnrn mbmimf itwbncnbnrf inozb jgmbjcj}jdjmfm nin nfbnc
`bzrz{& Gmjr }nfgnf gjjrmf jf t`}zw ommcm `bnf qnrn#tjrcn}jfmf ojbmrbj}mdmbmmfmf
nrwcntfn onb `bnrni" qnrnff cjinftnb itwbnr ncntfn qnrnbjb omr gf}n bjmfgj
ejfmbjcj trjdmfm }n}`rz{& Lmfnft#inqmwnbmf zbztbnrnrntbncnt" o}bjdj tngjdj cjinftnb
nfbncgn inqmwnbmtw mbmimbjrmf ejfmbjcjtm gjmb" qnrn#tjrcn}jfmf ojbmrbj}mdmbmmfgj efdjb
}nnc qrnwmibjrmcm{mf gj nrwnf bgj lmfnft#inqmwnbmf jejcjfbmm g`bn}
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Lmfnfdj#Dnqmwnb mf Whj D`fwjxw `l C`fj} nfg D`cc`gmw} _jbnwm`ft; N Whj`rjwmdnbLrncju`ri `l Dhnfemfe Dnqmwnb Nddzczbnwm`f Twrnwje}
Whmt twzg} nggrjttjt whj mttzj `l lmfnfdj#dnqmwnb umwhmf whj fju c`gj `l dnqmwnbnddzczbnwm`f& Mw nmct w` gj|jb`q n d`hjrjfw qjrtqjdwm|j dnqnobj w` ndd`zfw l`r whj dhnfemfeg}fncmdt nw o`wh notwrndw nfg d`fdrjwj bj|jbt& L`r whjtj qzrq`tjt" lmfnfdj dnqmwnb mt gjlmfjg mf
whj rjbnwm`ft w` c`fj} nfg d`cc`gmw} nfg lmfnfdj dnqmwnb rjqrjtjfwt er`umfemfwjrgjqjfgjfdj `l |nrm`zt l`rct `l dnqmwnb" o} cjnft `l tjrmjt `l bmfit nfg rjbnwm`ft
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GQF@WBN_;>K& _`omft`fzf nbwf m{jrji ojbmrwwmm" ningjcmi gf}nff Cnrxf ji`f`cmi nfnbm{bjrmfm }`i tn}cn jmbmcm efc{gj gjtr}`r& Nfbnbnf K& _`omft`fzf" ji`f`cmtwbjrmf Cnrxf ji`f`cmi nfnbm{bjrmfgjf `ij} rjfjdjibjrm }ffgjim gfdjtmmiwmtnwbnr nrntfgn qji ln{bn mbem jicjgm (_`omft`f" >==8>- |jI&Q`bnf}m (>=8==5n-&7 T`f }bbnrgn ojbmrbj}mdm `bnf lnm{ in|rncff oz }fgj jbj nbnrni nfnbm{ jgjf t`f gfjc nb cnbnr mmf jbjwmrjb omr oni oni9L&Jrdnf (>===8=- |j Q&Czrrn}(>==4-" lninw gjjr wj`rmtmfm |j {jbbmibj qnrn in|rncf t`t}`b`kmi omr jrj|j mmfgj ejbmwmrcjcj }nrgc jgjf omr nbcn `bnrnioni9 N&_nc`t(>===51bjrgjf mwmonrjf gj zbztbnrnrnt }jfmgjf }nqbnfcn trjdmfgj tjrcn}jfmf jcji inrtfgnim jf fjcbm nrnd `bgzzfz ojbmrwmr(Cnrn{{m">==1
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